Salesforce (CRM) Posts Q1 Beat and Raise; Deferred Revs Inline

May 17, 2012 4:54 PM EDT Send to a Friend
Salesforce.com (NYSE: CRM) shares are higher in late-Thursday trading following first-quarter 2013 quarterly results which showed a rare, but always welcome, beat and raise.

Revenue for the cloud-computing giant rose 37.9 percent to $695.47 million, besting views calling for $678.2 million. Salesforce swung to a quarterly loss of $19.48 million, compared with $530,000 in profit the prior year. Adjusting for certain one-time items yielded EPS of 37 cents, versus expectations of 34 cents.

Deferred revs were $1.33 billion, up 46 percent from the same period last year.

Looking ahead, Salesforce.com sees second-quarter non-GAAP EPS of 38 cents to 39 cents, versus the consensus of 38 cents. For fiscal 2013, the company raised its EPS outlook from $1.58 to $1.62 to a range of $1.60 to $1.63, compared with expectations of $1.61. Revenues are expected to be $2.97 billion to $3 billion, above the Street's view calling for $2.95 billion.

Shares are up about 6 percent in late trading.


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